So you have decided to purchase a car private sale and need to organise finance. As you know, some banks and lending institutions may have restrictions when providing loans for Private sale cars. Usually your own bank will offer you a personal loan for the car purchase but you are wondering if there are other options available. Contact Approved Car Loans to help you secure a better deal.
At Approved Car Loans, we have a panel of lenders that will provide funds for private sales.
Here a few points to consider:
- Lenders will require some information from the seller to prove they are the rightful person to sell the vehicle and funds from the loan get disbursed correctly, paying out any existing finance on the vehicle.
- Lenders that provide secured car loans on private sales usually will not issue a bank cheque, as that vehicle is the security offered on the loan in order for you to obtain a secured car loan.
- The lending criteria is generally the same as if the vehicle is being purchased through a dealer, some lenders will increase the interest rate very marginally for private sale secured car loans and the load is usually only about 0.5% if any, but not all lenders increase their rates for private sale car loans, so it is always a good idea to find someone that understands the differences between lenders to ensure you can get the best deal for yourself.
- The information required to establish that the vendor selling the vehicle is the correct person:current registration certificate
- sellers drivers licence
- proof of banking details where they want the funds deposited
- current financier payout letter – if applicable
- photos of the car and vehicle inspection report (roadworthy)
- and sale agreement between the vendor and the purchaser (Tax Invoice)
If you feel it all sounds a bit too much, contact Approved Car Loans so we can take the stress out of the process and deal with the seller directly.
Tags: Private Sale Car Finance